Is one of the most gorgeous expressions I’ve heard in the last few years. It is defined as “the evolution of consumer behaviour when society and technology evolve faster than some companies’ ability to adapt.”
I think that it’s going to be a phrase we’re going to be hearing much more of over the coming months and years.
The thing is that most businesses still haven’t really understood how the internet enabled world is effecting their business and how potentially vulnerable they are to these changes.
Yes, you have a website. Yes, you have an ecommerce website…but that’s not the same thing as being prepared for the changes that are coming (or in some cases are already here).
But we’re all being effected by these markets opening-up.
Many of my clients are in professional services. Clearly all of them are trying to harness the power of social media (hence why they’re working with a social media consultant like me)…but for them, like so many businesses this is seen as a silo within the business, as a “cheap” way of streamlining a business process – marketing/customer care/market research/etc – and this concerns me.
The thing is that whilst using these tools can give you an advantage, particularly if your competitors don’t, thinking about them in this silo fashion means that the bigger picture is being missed…or ignored.
Businesses are coming under threat from competitors who are seeing new opportunities facilitated by the digital world. Failure to spot these early enough or just hoping they are going to go away is simply suicide.
A good example recently is the demise of Blockbuster, where at the bankruptcy hearing The Faber Report summed-up by stating “At the end of the day, this is one of those bankruptcies that’s not really about a financial situation as much as it’s about seminal changes in how people ultimately watch video.”
I suggest that next time you have a soak in the bath you might want to ponder how you’re industry could be revolutionised if you had no legacy systems and unlimited resources – ‘cos over the next five years it might very well happen!